As new Fed Chairman Jerome Powell was taking his seat at the head of America’s central bank amid a market meltdown earlier this year, a big decision in favor of the marijuana industry got buried in all the noise.
Turns out the Fed greenlighted a new marijuana business.
The Federal Reserve approved a master account for Fourth Corner Credit Union, a new Colorado-based financial institution that will cater specifically to cannabis-related companies.
It’s been a long road for Fourth Corner. In total, the firm had to lobby the Fed for some 40 months before finally getting approval for a master account, the tie-in